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THE GREATER CHINA FUND, INC. ANNOUNCES QUARTERLY EARNINGS

 THE GREATER CHINA FUND, INC. ANNOUNCES QUARTERLY EARNINGS
 NEW YORK, Oct. 21 /PRNewswire/ -- The Greater China Fund, Inc. (NYSE: GCH) (the Fund) a closed-end, non-diversified management investment company seeking long-term capital appreciation, today announced its performance from July 23, 1992 (commencement of investment operations) through Sept. 30, 1992.
 As of Sept. 30, 1992, total net assets of the Fund were US$ 88,159,070 and the net asset value per share was US$ 13.05 based on 6,757,200 shares outstanding.
 For the period July 23, 1992 to Sept. 30, 1992 the Fund's net investment income was US$ 46,054 or US$ .01 per share. The total net realized and unrealized loss was US$ (5,104,924) or US$ (0.76) per share.
 Market Comment
 Trading in China's 'B' shares dwindled during the month of September for two principal reasons: first, the talks on the possible postponement of new issues until 1993 and, second, the overhang from a potential rights issue by Shanghai Vacuum. This would be the first such issue in the history of China's embryonic stockmarkets. Sentiment was generally cautious ahead of the 14th Party Congress in mid-October.
 Uncertainty in Hong Kong was exacerbated by apprehension over the content of the Governor's speech on Sept. 7, continuing difficulties in negotiations with China over the financing of the new airport and concern over the outcome of the U.S. Presidential election.
 THE GREATER CHINA FUND INC.
 Period Ended Sept. 30 July 31
 Asset Allocation:
 China 11.0 pct. 4.4 pct.
 Hong Kong 42.7 pct. 15.3 pct.
 Cash 46.3 pct. 80.3 pct.
 Month-End Results:
 NAV per share US$13.05 US$13.84
 Closing price US$12.625 US$13.25
 Premium/(discount) US$(3.3 pct.) US$(4.3 pct.)
 NAV and Price Performance:
 As at Sept. 30 (in US$) NAV Price
 Since inception -5.4 pct. 15.8 pct.
 The fund's investment adviser is Baring International Investment (Far East) Limited.
 -0- 10/21/92
 /CONTACT: David J. Minoll, 212-713-3589, for the Greater China Fund/
 (GCH) CO: Greater China Fund, Inc. ST: IN: FIN SU: ERN


LD-AH -- NY124 -- 3176 10/21/92 17:51 EDT
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Date:Oct 21, 1992
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